Ayala's shares may be
ready for rebound in '06

Performance of units
last year outshined
conglomerate's stock

By

Cris Larano Dow Jones Newswires

Updated Jan. 5, 2006 12:01 a.m. ET

MANILA -- Ayala Corp. trimmed debt and nurtured its various operating units to achieve double-digit earnings growth last year, all the while preparing for a new expansion opportunity this year. But the performance of its shares in 2005 leads analysts to anticipate a rebound this year.

Ayala, one of the most diversified conglomerates in the Philippines, holds controlling or majority interests in various companies, including property...